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Crude Futures Hit Highest Level in More Than Three Months

Crude oil futures climbed above $93 a barrel on Wednesday in New York, the highest level in more than three months following the passage of federal legislation reversing automatic tax increases and spending cuts, Bloomberg News reported.

West Texas Intermediate for February delivery rose $1.30, or 1.4%, to $93.12 a barrel on the New York Mercantile Exchange, the highest settlement level since Sept. 18.

The futures dropped 7.1% last year, the first decline since 2008. Trading was closed on Tuesday for the New Year’s Day holiday.